An internal reorganization process at the Central Bank of Nigeria (CBN) has resulted in the retirement of 19 top officials, with at least five directors shown the door, according to reliable sources. The directors, who had been reassigned to the FSS 2020 division on November 24th, 2023, and kept in a holding pattern, are said to be among those affected. The affected departments include the Trade and Exchange Department, the Securities Department, the Development Finance Department, and the Purchasing and Support Services Department.
Staff at the CBN are said to be apprehensive about the shake-up, which they see as a precursor to further job cuts under the current management. While the reasons for the reorganization remain unclear, speculation is rife that the new management may be looking to bring in fresh blood and revitalize the bank’s operations.
The CBN has been under increasing scrutiny in recent months, with calls for greater transparency and accountability from the public and lawmakers alike. The bank has also come under fire for its handling of the country’s exchange rate crisis, which has seen the naira depreciate sharply against the dollar.
As part of its ongoing reorganization, the CBN has reportedly created new departments, including the Financial System Stability Division, the Innovation and Digital Financial Services Division, and the Financial Market Development Division. It remains to be seen how these new divisions will be staffed and how they will impact the bank’s operations.
